Endeavour Silver Forecasts Up to 8.9Moz Silver in 2026

Endeavour Silver announced its 2026 production and cost guidance, projecting consolidated silver production between 8.3Moz and 8.9Moz. This forecast reflects a shift in the company’s operating portfolio following the commissioning of the Terronera mine in Mexico and the acquisition of the Kolpa mine in Peru. 

Endeavour Silver’s total gold output for the year is expected to range from 46,000oz to 48,000oz, while base metal production from the Kolpa mine is anticipated to contribute between 22,000t and 24,000t of lead, 16,000t to 18,000t of zinc, and 650t to 750t of copper. On a combined basis, the company’s three primary mines are forecast to deliver 14.6Moz to 15.6Moz AgEq. 

Consolidated cash costs for 2026 are estimated between US$12/oz and US$13/oz silver, while all-in sustaining costs (AISC) are projected at US$27/oz to US$28/oz, net of by-product credits. Management indicated that while cash costs are expected to decline due to higher silver volumes, AISC will be slightly higher than in 2025 because of increased mine development at Terronera and capital investments at Kolpa. 

Dan Dickson, CEO, Endeavour Silver, described 2026 as a pivotal turning point for the company as Terronera enters its first full year of production and Kolpa is fully integrated into the operating portfolio. At Terronera, plant throughput is expected to average approximately 2,000t/d, with material mined from the Terronera vein. Production in 1H26will focus on lower-grade zones, with access to higher-grade areas scheduled for 2H26 to increase overall grades. 

Meanwhile, the Guanacevi mine is projected to average 1,050t/d with ore sourced from the Milache concession and extensions of the Porvenir concessions. At the Kolpa mine, throughput is forecast to average 2,400t/d, supported by higher milling rates and the completion of a plant expansion involving a new ball mill and upgraded flotation cells in 1Q26. 

Endeavour plans to invest US$91 million in sustaining capital across its operations, with the largest allocation of US$56.7 million directed toward Terronera for 9km of mine development and infrastructure.

Kolpa will receive US$26.5 million, while US$24.5 million is earmarked for Guanacevi. Additionally, the company will invest US$65.8 million in the Pitarrilla project in Durango, which includes US$15 million for a feasibility study (FS) and US$48.0 million for capital expenditures such as mining equipment and 1,300m of underground development. These forecasts exclude the Bolañitos mine, following its sale on Jan. 15, 2026.

Sale of the Bolañitos Mine 

Endeavour Silver completed the sale of the Bolañitos gold-silver mine to Guanajuato Silver Company Ltd. on Jan. 15, 2026, for a total consideration of up to US$50 million. The upfront payment consisted of US$40 million, comprising US$30 million in cash and US$10 million in Guanajuato Silver common shares priced at US$0.2709413 per share. The agreement also includes two contingent payments of US$5 million each, triggered when the mine reaches production milestones of 2Moz and 4Moz AgEq. These payments will be split evenly between cash and shares, with Endeavour Silver's ownership capped at 9.9%.

The Bolañitos operation, which Endeavour acquired in 2007, includes an underground mine and a 1,600t/d flotation plant currently processing approximately 1,200t/d. The mine focuses on low-sulfidation epithermal vein deposits, with current activity centered on the Lucero, La Luz, and San Miguel orebodies. As of late 2024, proven and probable reserves at the site totaled 379,000t, containing approximately 940,000oz of silver and 21,900oz of gold.